Market sources do not rule out that the BCRA decides this week a new increase in its reference interest rate, in line with the expected acceleration of inflation in July that will be reported on Thursday.
Key test for Sergio Massa
On the other hand, the Treasury will seek to renew debt maturities for about $2.4 trillionin what will be the first key test of the Economy Minister, Sergio Massa, who will finalize the details of this debt swap together with the Finance Secretary, Eduardo Setti.
The titles that are sought to be renewed expire in August, September and October. The Treasury offers three dual bonds maturing between June and September 2023, tied to the maximum variation between inflation (+2%) or the official devaluationso the investor will receive the best result between both coverage options in pesos.
Sergio Massa anticipated last week that he had already obtained a commitment of 60% participation, a level that is mostly expected to come from ANSES and public banks.
The Central Bank bought $.2 trillion of CER titles since the start of the run in June and public bodies this Monday took part of the seven letters that the Economy will accept in exchange for dual titlesa sign that they will intervene in the exchange.
The great test will be the participation of the private sector, mainly banks, with 17% of the holding. Three entities considered the offer “attractive”. The consultant said that the incentives to enter are the coverage against inflation and a possible devaluation, and the terms of the bonds, which expire before the PASO.
On the other hand, banks have in their favor that they are not accounted for as an asset in foreign currency.
Source: Ambito
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